04-R 155

2004 -- S 2205

Enacted 03/25/04

J O I N T R E S O L U T I O N

CREATING A SPECIAL LEGISLATIVE COMMISSION TO STUDY PREDATORY

MORTGAGE LENDING PRACTICES

Introduced By: Senators Pichardo, DaPonte, Gallo, Ruggerio, and Cote

Date Introduced: January 29, 2004

     RESOLVED, That a special legislative commission be and the same is hereby created

consisting of thirteen (13) members: three (3) of whom shall be from the senate, not more than

two (2) from the same political party, to be appointed by the senate president; three (3) of whom

shall be from the house of representatives, not more than two (2) from the same political party, to

be appointed by the speaker; one (1) of whom shall be the president of the American Association

of Retired Persons, or designee; one (1) of whom shall be the president of the Rhode Island

Bankers Association, or designee; one (1) of whom shall be the executive director of Acorn

Housing Corporation, or designee; two (2) of whom shall be representatives of the Mortgage

Bankers Association, to be appointed by its president; one (1) of whom shall be a representative

of the state Housing Resource Office of Home Ownership, or designee; and one (1) of whom

shall be a representative of the Rhode Island Housing and Mortgage Finance Corporation.

     In lieu of any appointment of a member of the legislature to a permanent advisory

commission, a legislative study commission, or any commission created by a general assembly

resolution, the appointing authority may appoint a member of the general public to serve in lieu

of a legislator, provided that the majority leader or the minority leader of the political party which

is entitled to the appointment consents to the appointment of the member of the general public.

     The purpose of said commission shall be to study predatory mortgage lending practices.

     Forthwith upon passage of this resolution, the members of the commission shall meet at

the call of the senate president and organize and shall select from among the legislators a

chairperson. Vacancies in said commission shall be filled in like manner as the original

appointment.

     The membership of said commission shall receive no compensation for their services.

     All departments and agencies of the state shall furnish such advice and information,

documentary and otherwise, to said commission and its agents as is deemed necessary or

desirable by the commission to facilitate the purposes of this resolution.

     The Joint Committee on Legislative Services is hereby authorized and directed to provide

suitable quarters for said commission; and be it further

     RESOLVED, That the commission shall report its findings and recommendations to the

general assembly on or before July 6, 2005 and said commission shall expire on September 6,

2005.

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LC01155

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